Sending money abroad from India has never been more crucial, whether it’s to support a family member abroad, paying for your child’s study abroad programs, settling international business bills, or simply aiding a fellow person in need across the globe. Indian nationals, who are residing, working and studying in other countries, are increasing in millions in number each year and hence the need for speedy, reliable and cheap international remittances.

With platforms like IME India, money can be transferred abroad almost instantly, circumventing the sometimes cumbersome and time-consuming nature of international transfers typically handled by traditional banks. This guide explains you all the things you should know about sending money abroad from India.

Why People in India Send Money Abroad

India is among the top remittance sending nations in the world with many and varied personal and professional needs. People opt for remittances from India for the following reasons:

• Helping family members in another country
• Contribution to University tuition fees or student living costs.
• International business payments and/or the settlement of invoices.
• Buying real estate or trading overseas investments
• If you have to transfer money before your trip abroad.
• Helping friends and family with money on special occasions

Regardless of the reason, the right international money transfer service can save you time, money and unnecessary stress.

How to Send Money Internationally from India

There are several steps to sending money overseas from India. It’s been made much more efficient over the years, particularly digital-first platforms that allow you to do everything from a mobile device.

Step 1: Choose a Reliable Transfer Service

Not all money transfer services are created equal. For instance, you should find a provider with competitive exchange rates, low transfer fees, strong security and reliable delivery service. IME India meets all these and more requirements – helps senders from India reach recipients in dozens of countries.

Step 2: Register and Verify Your Identity

A Liberalised Remittance Scheme (LRS) is a requirement of the Reserve Bank of India (RBI) for all international transfers and is a KYC verification process. Normally, you will require your Aadhaar card, PAN card and active bank account. 

Step 3: Fill in the Transfer Details

Enter the name of the recipient, the country to which they are sending, the bank account or a mobile wallet and the amount you want to send. Always double-check the details before confirming.

Step 4: Pay and Track

Pay the amount using any of the above payment options – UPI/Net banking/Debit card. After the transfer is completed, you will be able to check the status of the transfer in real time until the money is safely transferred.

Why Choose IME India for International Transfers?

How are IME India is differ from others in sending money to India? With others, you need to send money to any country instantly –

• Instant transfer & SAME DAY transfer in a few countries – no waiting days.
  Transparent exchange rate, with no mark-up on current market value – the rates you see are the rates you get.
• Many choices of money transfer options – Bank deposits, Cash pickup, Mobile wallet deposit, etc.
• With world-class technology used for sending money, the platform encrypts all information and adheres strictly to the RBI’s rule & guidelines.
• Use our handy money transfer app – Send money from wherever you are to anywhere and anytime.
• 24×7 support facility in 5 regional languages – We communicate with our customers in a more human way so that your queries are resolved quickly.

Sending money to and from India now feels effortless. Send money overseas in the most efficient manner; use IME India!

Things to Keep in Mind Before Sending Money Abroad

Before Remitting Money Overseas, Think About These Things:

• LRS Plan (Annual Limit): Under the LRS, the maximum amount an Indian resident can remit in a financial year with a permissible purpose is USD 2,50,000.
• Tax Collected at Source: Transfers above the threshold limit will attract TDS, which can be claimed while submitting monthly/annual ITR.
• Merchandise Purpose: The type of item or service being sent must be made clear (i.e. Education, Vacation or Family support) so that you may meet all the regulations established by the governing body.
• Exchange Rates: An Exchange rate will change every few seconds; therefore securing a good rate can help save a great deal of money on a large money transfer.

Frequently Asked Questions (FAQs)

Q1. How long does an international money transfer from India take?

International transfers vary by destination and service used. IME India can send most of its money transfers to the intended recipients from hours to minutes using IME services. A standard bank transfer can take 1-3 days, depending on which bank you are using for the transfer.

Q2. Is it safe to send money internationally from India online?

Yes, as long as you are using a legitimate and licensed international money transfer service that is subject to strict regulations such as those offered by IME India, which holds official RBI approval, and uses bank-level encryption to protect the information you provide when making an online money transfer.

Q3. What documents do I need to send money abroad from India? 

Generally, all you will require are copies of your government identification card, like your passport, voter ID or Aadhaar card, and your personal identification number (PAN) card to initiate a money transfer.

You will also require a linked-up, working bank account in your name. The government has provided a few exceptions, and for high-value amounts and specific purposes, it may request additional paperwork.

Q4. What is the maximum amount I can send internationally from India?

You are permitted, according to India’s Liberalised Remittance Scheme, to transfer money up to the amount of $2,50,000USD per financial year to any international country for various approved purposes such as education, investment, trip spending money or sending to close family members.

Q5: Is there a fee for sending money between countries?

Generally, all products come with a fee for transfers, as well as an exchange rate mark up on how much your recipient will receive after the transfer. IME India has very competitive, but transparent rates that clearly lay out how much your recipient will receive before you complete your transaction.  

Q6: Can I send money to other countries in an instant?

Yes, IME India’s global transfers are typically made in minutes, but may take a few hours depending on the country you are sending to and how your recipient will be paid.    

Q7: What countries can I send money from India with the help of IME India?

The countries to where you can send money from India with the support of the IME India network includes Asia, Europe, the Middle East, and many more locations. For a complete listing of countries that are part of the IME India network, please see the website or mobile app.

Final Thoughts

With IME India you can easily transfer money across borders from India to any part of the globe using our reliable international payment processor. IME India allows you to quickly, affordably and securely send money across borders. Whether you wish to transfer a small amount or send funds for your child’s education or business start-up, IME India guarantees a seamless experience from start to finish through our online service.

Visit IME India today to see what sending money abroad looks like when done instantly, safely, and at the best rates possible!